Philbin sells Credit Suisse Alpha Income position

Richard Philbin, head of fund of funds at F&C, has sold out of Credit Suisse Alpha Income, after the...

Richard Philbin, head of fund of funds at F&C, has sold out of Credit Suisse Alpha Income, after the company’s failure to replace Errol Francis. Philbin had held Credit Suisse Alpha Income fund for three years and continued his position despite the departure of Francis in October 2006. “After almost six months of indecision over a replacement manager, we decided it was time to move out,” he said. “Within the F&C Multi-Manager Growth fund, we have reinvested the proceeds into Invesco Perpetual High Income. Otherwise the assets have been redistributed across our existing positions in th...